09/08/13

Profits increase by 25%

Sports and financial bookmaker Spreadex has seen profits soar by more than 25% in its latest financial accounts filed at Companies House.

Profits before tax rose to £14.4m for the year ending 31 May 2013 compared to £11.5m for the same period a year earlier. Turnover increased to £29.4m from £25.7m a year earlier.

The betting group offers sports spread betting, financial spread betting, sports fixed odds betting and casino betting from one account.

Spreadex Managing Director Jonathan Hufford said: “We have continued to see encouraging levels of new account sign-ups which in turn has kept bet volumes climbing to record levels.

“This combined with regular product upgrades and expanded markets featuring Options and Bitcoin trading on the financial side of the business and even more in-play football on the sports side have kept our customer base extremely happy.”

Spreadex’s in-house Pulse market alert system has helped to increase volumes on the financial side of the business.

And the firm believes sports revenues will also be boosted further in the coming year due to BT Sport’s competition with Sky in broadcasting live Premier League football this season.

Spreadex Marketing Communications Manager Andy MacKenzie said: “Football bets now make up 50% of our total sports room bets compared to 43% five years ago and the number of football bets we have taken has doubled in the past three years alone.

“BT Sport opening up Premier League football to even more households, combined with the ease of placing bets via mobile or tablets means we expect levels to grow even further this coming football season.”